How To Use Artificial Intelligence In Blockchain Technology

Artificial intelligence has been fascinating to the human imagination since the term was first used by the first science fiction writers.

The roots of the concept of "artificial intelligence" must be sought deep in the ancient world, where folklore, legends and myths in almost every culture spoke of artificially created creatures endowed with supernatural intelligence, consciousness or other human qualities. The only factor uniting the myths of the whole world is that artificial intelligence was always created by a man so passionate about his work that his brainchild went beyond the boundaries of matter and turned into life, sometimes surpassing man.

Blockchain Phenomenon

Now we are standing at the crossroads of history, where two progressive technologies are beginning to merge and produce an absolutely new phenomenon. At first glance, the apparent antithesis of AI, the blockchain technology, exploded on the global technology arena as progress in technological constraints; a revolution that announced the creation of completely new industries and new perspectives.

Blockchain technology has completely changed our perception of Internet capabilities, has increased the speed of operations. Sending transactions has become more transparent and efficient. Combining these factors has opened up new business opportunities and increased profitability, as cryptocurrency miners created completely new markets.

Where the average user finds a financial bubble, most see the blockchain and cryptocurrency duality as a whole, although in reality they are interrelated in a completely different way. Technology has a huge untapped potential that needs to be mastered. At its core, the blockchain technology can cause big changes in our daily life, eliminating many professions and making it almost impossible to delay banking operations.

Companies see the potential of blockchain technologies and have already begun to introduce it into their business processes and models, optimizing many routine tasks, which made it possible to switch valuable human resources to more important problems. Many of the blockchain companies now enjoy the benefits of this technology.

The benefits are enormous, and the AI has already started its transition to the blockchain, becoming one. An example is a project such as Neuromation which trades datasets for companies to improve their own neural networks. Such projects allow blockchain companies to bring trade, services, and product development to a new level of quality and efficiency at much lower prices.

Artificial Intelligence In Action

There are already several working projects on the market in which the blockchain technology and AI are connected. Using available data in the blockchain, AI helps financial markets by analyzing types of loan products based on consumption and loan patterns. The AI takes this information from the blockchain and finds a correlation that could be missed by standard analytic methods. It is no secret that AI extracts most of the information from the Internet and other available sources - such as open databases and companies' own archives. Also, this information is available for purchase on the Internet.

An example of such a solution, built on the merger of AI and the blockchain is GraphGrail AI built on the basis of natural language processing technologies with the marketplace of decentralized applications.

This platform is designed to analyze a large amount of textual data and solves the problem of extracting information based on deep learning technologies, neural networks, and machine learning. The project has great potential in the banking sector, the biotechnology and medicine market, security and compliance.

The number of branches of this technology in the modern world is very large, as it allows you to predict events based on a deep analysis of a large amount of information that constantly passes through the Internet and other resources. In essence, it is an intelligent information retrieval tool with an immense amount of applications. It is quite possible to realize the transparency of conducting transactions in the marketplace with regard to quality control for the input parameters, since The GraphGrail AI token is a calculation unit within the platform's ecosystem, allowing payments to be made without intermediaries.

Application Graph

Real examples of the use of the GraphGrail AI model are not so far from their algorithms based on smart blockchain contracts. They may seem confusing but are widely used in everyday life. Creating independent applications implemented on the platform architecture allows the development of truly intelligent AI designs capable of integration into neural networks with elements of machine learning. In fact, they will not be designs that are so different from those that are present in films and video games. The difference will be that the designs created by GraphGrail AI are smart enough to learn from the information entered by people and to use the acquired skills.

An example is a chatbot application built on the platform of GraphGrail AI. Such chatbot can learn from customers based on their requests and correlate the necessary answers with a constantly evolving database that can learn from input parameters and human experience, and thus maximizing the resources and the efficiency of the application, as well as the satisfaction of the customer which results in actual transactions.

This service may also be useful to other blockchain companies since it can be used by smart contracts to verify compliance with external conditions. Such conditions can be virtually tied to any real objects in the world - people, companies and their interactions. Mergers and acquisitions, credit and accounting will also use smart contracts — for example, to check risks and audits in a reasonable amount of time. Lawyers can start creating standard smart contracts instead of the traditional contracts that they are used to. Artificial intelligence provides solution to many business problems. Developers can provider solutions adapted to their particular business through AI designer (for example, Wix, Unity, or Microsoft Azure).

Author Bio:

Melissa Crooks is Content Writer who writes for Hyperlink InfoSystem, a mobile app development company in New York, USA and India that holds the best team of skilled and expert app developers. She is a versatile tech writer and loves exploring latest technology trends, entrepreneur and startup column. She also writes for top app development companies.